Iran's Disavowal Sends Oil Prices Soaring Amid Geopolitical Uncertainty

Oil prices surged sharply on September 23 after Iran disavowed authorization for its foreign minister's direct interaction with a U.S. negotiator, injecting geopolitical uncertainty into markets watched by crypto investors.

The price of West Texas Intermediate (WTI) crude rose 2.82% to reach $92 a barrel, while Brent crude increased 2.76% to break above $98 a barrel.

Iran's Foreign Minister Araghchi was involved in direct interaction with one of President Donald Trump's negotiating representatives without coordination or approval from the country's relevant decision-making bodies, including the Supreme National Security Council.

This development has sparked uncertainty about whether future contacts will proceed directly or return to an intermediary-based channel, with no scheduled date for the next step.